Does Lathaan depend on Bitcoin? Based on the correlation analysis, BTC and LTH have a very strong positive relationship. The correlation coefficient of their prices is 0.91, which was computed based on the previous 100-days' price dynamics of both coins.
This coefficient may range from -1 to 1, where -1 is the strongest negative correlation, 0 is no correlation at all and 1 is the strongest positive correlation.
The negative coefficient shows that the prices of the assets are going in the contrary direction while the positive coefficient tells that the prices are going in the same direction. For instance, if Bitcoin and Lathaan connection is positively strong, it means that when BTC is rising LTH will grow as well. The negative strong relation will indicate that when BTC is rising LTH value will be in contrary lowering.
The knowledge of the correlation coefficient helps to estimate in percentage the influence of Bitcoin over Lathaan. If we take all the things affecting the price of LTH as 100%, then the share of BTC price among these factors will be 82.81%. The other part which is 17.19% covers all the other aspects, such as news, events or regulations.